DHT(US:DHT)2025-03-20 20:46Financial Performance - In Q4 2024, DHT Holdings reported shipping revenues of $130.8 million, a decrease from $142.3 million in Q4 2023, primarily due to lower time charter rates[14]. - Adjusted EBITDA for Q4 2024 was $60.6 million, with a net profit of $54.7 million, translating to earnings of $0.34 per basic share, compared to $35.3 million or $0.22 per share in Q4 2023[20]. - Total shipping revenues for 2024 were $567.8 million, an increase from $556.1 million in 2023, driven by increased total revenue days[27]. - The company reported a net profit of $181.5 million for 2024, or $1.12 per basic and diluted share, compared to a net profit of $161.4 million, or $0.99 per share in 2023, reflecting a 12.4% increase in net profit[34]. - Total revenues for the 12 months of 2024 increased to $571.773 million, up 2.2% from $560.556 million in 2023[51]. - Basic earnings per share for 2024 were $1.12, an increase from $0.99 in 2023[51]. - Total comprehensive income for the 12 months of 2024 was $181.336 million, compared to $161.017 million in 2023[53]. Cash Flow and Dividends - Net cash provided by operating activities for 2024 was $298.7 million, up 18.8% from $251.4 million in 2023, driven by a $51.2 million change in operating assets and liabilities[35]. - Cash dividends paid in 2024 totaled $161.396 million, down from $186.672 million in 2023[55]. - The company declared a cash dividend of $0.17 per share for Q4 2024, marking the 60th consecutive quarterly cash dividend, payable on February 25, 2025[4]. - Total dividend payments made during 2024 amounted to $161.4 million, with a per common share payment of $1.00[99]. Operational Metrics - The company achieved average combined time charter equivalent earnings of $38,800 per day in Q4 2024, with VLCCs in the spot market earning $38,200 per day[4]. - For Q1 2025, DHT estimates an average term time charter rate of $41,700 per day and has booked 74% of available VLCC spot days at an average rate of $36,400 per day[10]. - Time charter revenues increased to $24.1 million in Q4 2024 from $16.7 million in Q4 2023, representing a growth of 44.4%[68]. - As of December 31, 2024, the company had 24 vessels in operation, with 7 on time charters and 17 operating in the spot market[69]. Expenses and Investments - Voyage expenses for 2024 were $179.6 million, an increase of 8.5% from $165.7 million in 2023, primarily due to a $17.3 million rise in bunker expenses[29]. - Vessel operating expenses for 2024 were $78.6 million, up 3.9% from $75.4 million in 2023, attributed to an additional vessel in the fleet[30]. - Depreciation and amortization for 2024 was $111.9 million, a 2.8% increase from $108.9 million in 2023, mainly due to higher depreciation of vessels[31]. - The company invested $90.196 million in vessels under construction during 2024[55]. Asset and Equity Position - The company had a total asset value of $1.486 billion as of December 31, 2024, a slight decrease from $1.492 billion in 2023[49]. - Total equity attributable to the company increased to $1.038 billion in 2024 from $1.027 billion in 2023, reflecting a positive trend in equity growth[49]. - Interest-bearing debt totaled $409.4 million as of December 31, 2024[75]. Share Repurchase and Market Activity - The company purchased 1,481,383 of its own shares in Q4 2024, representing 0.9% of outstanding shares, at an average price of $8.89[4]. - The Company purchased 1,481,383 shares in Q4 2024 for an aggregate consideration of $13.2 million, at an average price of $8.89[97]. Future Expectations and Contracts - A one-year time charter contract for DHT China was entered into in January 2025, with a rate of $40,000 per day[106]. - The Company expects to book a gain of about $19.8 million in Q1 2025 related to the sale of DHT Scandinavia, which was sold for $43.4 million[94]. - Future expected payments related to vessels under construction total $429.7 million as of December 31, 2024[93].